Aquaback Technologies Receives USD 110M Investment from GEM

Funding Rounds

▤ Summary

Aquaback Technologies, a Port Saint Lucie, FL-based provider of safe patented wastewater treatment solutions based on energy efficient distillation of water, received USD 110M investment from GEM. GEM, the Luxembourg based private alternative investment group, provides Aquaback with a share subscription facility of up to USD 110 million for a 36-month term following a public listing. Concurrent with a public listing of its shares, Aquaback will issue warrants to GEM to purchase up to 3.25% of the common stock of the company at an exercise price that will provide material additional funding to Aquaback. Led by Scott C. Newquist, President and CEO, Aquaback developed, tested and has proven the ability to recycle the heat of vaporization using standardized distillers to lower the cost of recycling wastewater and provide clean distilled water for less than most consumers pay for potable water while eliminating contamination from wastewater disposal. Distillers can be deployed in small decentralized treatment uses or in large utility scale installations.

$ Funding

$
Amount $110.0M Total raised
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Date June 28, 2023 Announcement date
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Investors - Lead investors
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Company http://www.aquaback.com Funded company

▥ Classifications

industries
Energy & Natural Resources
applications
Web and Content Management

◇ AskAI Classifications

Labels
Water Purification Software Industrial Automation Software Environmental Technology Software

▦ Linked Companies